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Qualification Shares:
S.183(1) provides that it shall be the duty of every director who is by the articles of the company required to hold a specified qualification, and who is not already qualified, to obtain his qualification within two months after his appointment, or within the shorter time (if any) fixed by the articles.
Subsection (3) further provides that if the director fails to obtain his share qualification, or ceases to hold the required number of shares, he shall vacate his office. If he does not actually do so but continues to act as director he becomes a de facto director : Rv Ivan Arthur Camps (67).
2. S.186 : Age Limit
S.186 provides that no person shall be capable of being appointed a director of a public company or a private company which is a subsidiary of a public company if at the time of his appointment-
a) He has not attained the age of twenty-one; or
b) b) he has attained the age of seventy.
Commencement of Business: Section III (1) provides that a public company which has issued a prospectus cannot commence business or exercise any borrowing powers unless:-
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Order for compulsory liquidation: The Official Receiver also calls separate meetings of creditors and of contributories within one month of the order for liquidation: s.236.
Compromise or arrangement - reconstructions: A scheme of arrangement is very flexible since it may be used to effect any "compromise or arrangement" with members or a class of
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Determine the policy process point of view Viewing from the policy process point of view, we find that while voting for legislature, the rational candidates and voters have inf
Mode of Alteration: The alteration of capital may be made by - 1) Increasing the company's share capital by new shares of such amount as the resolution prescribes; or 2
Humungus Retailing Co is a large retailing organization that has expanded rapidly over the last 2 years. It now has some 50 high street outlets each employing a small core of ful
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